The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has taken a significant step to monitor builder-buyer deals in Ghaziabad. This move comes in response to several instances where parties involved failed to comply with existing norms. To manage this issue more effectively, UP-Rera has recently released a set of guidelines for mutual settlements between homebuyers and developers.
Regulating Settlements
During the proceedings of adjudication of complaints or execution of orders, it has been noted that there have been deviations from established norms. Parties often file mutual settlements and request for the matter to be disposed of. However, UP-Rera has noticed instances where parties do not adhere to the established norms or deny such settlements at a later stage. In light of these observations, UP-Rera has issued guidelines that mandate the proper execution of mutual settlements. According to the guidelines, the settlements should be executed on non-judicial stamp paper worth Rs 100. They should also be notarized and signed by the director, managing director, or CEO of the promoter, as well as the allottee. The terms and conditions of the settlement must be unambiguously laid down and must not be contrary to applicable laws or existing public policies.
Verification and Proceedings
To ensure compliance, settlements submitted by promoters will be uploaded on UP-Rera’s web portal. The authority will then verify these settlements through its benches or offices. If a party does not appear for physical verification, they will need to complete the verification process via email. Failure to reply to the email within the stipulated time will be deemed as the party’s consent to the settlement. According to UP-Rera’s Chairperson, Sanjay R Bhoosreddy, these guidelines are in the interest of both promoters and allottees. The directions aim to avoid instances of defective settlement deeds and guarantee that parties cannot deny settlements at a later stage. The settlements will contribute to a successful conclusion of proceedings.
Conclusion
The UP-Rera guidelines for monitoring builder-buyer deals in Ghaziabad are aimed at addressing the issue of parties deviating from established norms. By mandating proper execution and verification of mutual settlements, UP-Rera seeks to ensure transparency and enforce compliance. These guidelines are intended to protect the interests of both promoters and allottees and contribute to the overall success of real estate proceedings in Ghaziabad.
